Today, ULC joined key TOD partner Enterprise as Denver Mayor Michael B. Hancock, city and state officials, fund investors and affordable housing partners announced the Denver Regional TOD Fund.
“Affordable housing is a critical issue not just for the city, but for our entire metro area,” said Denver Mayor Michael B. Hancock. “The Denver TOD Fund has proven itself to be a successful tool in ensuring that low- and moderate-income families benefit from the build-out of our mass transit system. We’re thrilled to expand the fund, leveraging additional resources for Denver while broadening the fund’s success throughout the metro area.”
Managed by Enterprise Community Partners, Inc. and Enterprise Community Loan Fund, Inc., the $24 million acquisition TOD Fund will provide financing throughout the Denver metro area to align with region’s growing investment in transit.
By 2024, the Denver Regional TOD Fund aims to have supported the creation or preservation of 2000 affordable homes within a half mile of light and commuter rail and a quarter mile of high frequency bus routes. Locating homes along transit corridors will create opportunity for Denver metro area residents, as they are better connected to jobs, education, health care, and supportive resources.
The $15 million Denver TOD Fund was launched in 2010 as the nation’s first affordable housing TOD acquisition fund, providing $13.5 million in capital for the strategic purchase of real estate adjacent to current and future transit stations. Over the past four years through ULC as sole borrower, the Denver TOD Fund has supported the creation or preservation of 600 affordable homes, as well as the development of affordable nonprofit working space, Denver’s new Rodolfo “Corky” Gonzales Branch Library, a child care center, and other high-impact community spaces.
Congratulations to the expanded Denver Regional TOD Partners including:
Colorado Division of Housing
Colorado Housing and Finance Authority
The Denver Foundation
Denver Office of Economic Development
Denver Office of Strategic Partnerships
Enterprise Community Loan Fund, Inc.
Enterprise Community Partners, Inc.
Gates Family Foundation
John D. and Catherine T. MacArthur Foundation
Mercy Loan Fund
Mile High Community Loan Fund
Mile High Connects
Rose Community Foundation
Urban Land Conservancy
Wells Fargo Bank